HT Bureau
GUWAHATI, Feb 8: I Squared Capital, a leading global infrastructure investment manager, has acquired a controlling interest in Polaris Smart Metering Pte. Ltd., a Singapore-based company that develops, installs, and operates smart metering infrastructure under long-term concessions. Polaris wholly owns Gram Power (India) Pvt. Ltd., India’s only domestically grown integrated smart meter solutions provider and energy analytics company. I Squared Capital has committed up to USD 100 million in Polaris, which will be used to transform the company’s manufacturing capabilities to global standards, invest in research and development, develop industry-leading talent, and participate in upcoming tenders.
Commenting on the transaction, Yashraj Khaitan, founder, and CEO of Gram Power said, “Gram Power (now rebranded as Polaris) has been a leader in the smart metering industry in India for many years. We launched smart prepaid meters back in 2012 when even standards for the product from the Bureau of India Standards didn’t exist. The industry has evolved from questioning the purpose of the technology to launching an aggressive national program to transform India’s grid to 100 percent smart metering, which wouldn’t have been possible without the leadership of the current government. This investment by I Squared Capital will create the right synergies for our growth by helping us acquire, finance, and execute large-scale projects while building world-class manufacturing facilities, expanding our service offerings, and investing in top-quality talent.”
Related Posts:
Notably, Polaris’ comprehensive platform-as-a-service metering systems help state electricity distribution companies radically reduce power distribution losses, manage their infrastructure digitally, and automate 100 percent of customer services such as metering, billing, and collections.
